Path to Homeownership: Pooja Patel's 5-Year Plan for Financial Success

Dreaming of owning a home? Here's a simple plan by Pooja Patel to make it happen in just 5 years, without expanding your finances.

1. Set a Realistic Goal-

Let's assume you want to buy a house worth ₹1 crore (CR) in 5 years. The first step is to accumulate 20% of the down payment. Saving the entire ₹1 crore in this time frame is unrealistic, but saving for the down payment is achievable.

2. Start a Systematic Investment Plan (SIP)-

To build this down payment, initiate a SIP in an equity mutual fund with minimal risk. Over 5 years, this can help you accumulate enough for the down payment.

3. Take a Loan for the Rest-

For the remaining 80%, apply for a home loan. This will compensate for the bulk of the purchase price.

4. Make Your Home Loan Interest Free-

While paying your EMIs, start a second SIP—around 0.15% of your home loan amount. Over time, this will offset the interest you pay, making your loan virtually interest-free.

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5. Achieve Long-Term Financial Goals-

In 20 years, not only will you own your home, but you'll also have a mutual fund corpus to aid with household expenses, ensuring long-term financial security.

By practicing this easy, effective plan, you can buy a home without overwhelming your budget. Share this with your friends and start your journey toward homeownership today!

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